Raising Diageo's FVE Slightly Higher on Weaker Sterling; Shares a Little Rich
We have raised our fair value estimate of Diageo to GBX 2,800 from GBX 2,700 to account for the benefit of the recent weakness in sterling against most major currencies and for the time value of money, in roughly equal measure. We now expect 5.8% reported revenue growth in 2019, based on current rates, 180 basis points above our previous estimate. We are retaining our wide moat for Diageo, a business we think is among the better positioned in the long term for the intensifying threats in the con...
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